max
°
min
°
Location:
COLOR-Waatea logo 2016-final

On Air Now
Radio Waatea

12:00am - 06:00am
Ed Sheeran

Share sales boost Te Huarahi Trust result

Share to Email
Share to RSS
Share to Print

The auditors of the Maori spectrum trust say Te Huarahi Tika is only a going concern if its sells more of its shares in third mobile operator Two Degrees.

The trust held its annual meeting in Wellington yesterday, reporting an increase in capital from $6 million to $9.5 million.

But it was not able to say when it expected it investment to make a profit.

The meeting starting with Te Huarahi Tika Trust chair Daphne Luke barring Radio Waatea from recording the public hui.

What followed was an upbeat financial report - a $15.8m debt to Two Degrees majority shareholder Trilogy International had been paid off with the transfer of 11 million shares - leaving the trust with just 2 percent of the phone company.

The deal was done after more than 70 Maori entities turned down an offer to buy in.

The debt was taken on in an effort to stop the Maori stake being diluted while the company was expanding its capital to build its network.

Trustees insist Te Huarahi Tika would have been in a worse position if it had not gone down that path.

Another 289 shares were sold to Trilogy in December for $446,686 "to clear al trading debts and to provide future investment options".

The trust says there’s enough in the kitty for the next 12 months, so the business is a going concern.

Auditors BDO Spicer say that’s a big if, and the trust’s ability to meet its ongoing commitments depends on its ability to sell more shares.

 

Copyright © 2015, UMA Broadcasting Ltd: www.waateanews.com

MUMA2


E-Tangata-10112019
LETSLEARN-86
 
'Te Honongona' Urban Māori Stories
A Collins' Guide to Cultural Colour Blindness
Dr Rawiri Taonui: Utilising ‘white’ as a metaphor for ‘a person or woman of colour’ conveys connotations of white superiority.
If we legalise Cannabis, Maori must be given a leading role in industry to influence it
Martyn 'Bomber'Bradbury: If we are going to legalise cannabis, then Māori must be given a leading role in the newly established legal industry.
Armed Police & Cannabis prohibition - 2 examples of bias against Maori
Martyn 'Bomber' Bradbury: The stats when it comes to Māori cannabis convictions and shootings by armed Police make for sobering reading.
0
TMP2
           

Submit

Glossary

 

Subscribe

Enter your email address to receive regular updates from Waatea News.
  • fb

On Air Now
Radio Waatea

12:00am - 06:00am